"I contend that financial markets never reflect the underlying reality accurately; they always distort it in some way or another and the distortions find expression in the market prices." George Soros
Good morning
Equities are gapping down as the potential "trade war" is escalating off of comments from both President Trump and China. As I stated earlier this week to the Pro members we are always just one headline away from something that may send equities ripping higher or falling off a cliff.
Anyone that claims they know exactly where markets are going each day is likely living in some sort of fantasy world where there are unicorns, genie lamps and flying magic carpets.
The markets are constantly changing, investor confidence waivers and emotions often drive irrational behavior. That is why it is so important to have a plan for every trade. Have a thesis and know your risk reward.
We have the employment numbers out this morning and that could impact equities if the number comes in too hot or we see signs of wage inflation.
I have been telling the members that the markets are still guilty till proven innocent. We have a lot of work to do for the bulls to take back control. The caution flag is still waving as we continue to struggle in several indexes and sectors to get back over key moving averages.
Volatility is is back and it can create some great short term trading opportunities. Keep an eye on TVIX UVXY VXX LABD TZA. Do not chase >wait for a clean setup.
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Stocks on my radar this morning
1. PTN caught and upgrade from HC wainright which likely means an offering is coming soon lil gapper potential day trade opp do not chase
2. DS Full disclosure I have a position in this name I like the daily and they have a catalyst with the grand opening of their first Drive Shack facility that will be competing with Top Golf this weekend in Orlando Florida
3. GCAP had pr after the close now on crypto currencies trading full disclosure I have a small starter swing in the name should also benefit form market volatility
4. WYNN approached by MGM for potential buyout I like the whole gaming space could be more swing or long term hold plays
5. AAXN recent breakout potential floating island press release this morning smaller float big short interest could be a day trade I also like it for potential swing or long term hold play on a pull to potential price support of 40 or a gap fill on the daily
6. LFIN Flight to quality name> just kidding this is a short squeeze plain and simple gapping again do not chase and play size appropriate DAY TRADE ONLY with setup
7. PTX lil gapper on pr potential day trade opp likely need to raise cash soon
8. NEWA Great looking daily testing all time highs small floater Chinese name do not chase testing all time highs and blues skies above still well withing the bollinger bands could continue to grind higher
9. NETE potential red to green play after nice action yesterday off pr day trade opp
10. CPST another potential red to green play day trade opp > At potential price resistance on the daily potential red to green play they need cash so likely doing an offering soon
11. WWE big event this weekend gapping premarket and testing near all time highs small float 18 percent short interest
12. NIHD some very large block trades recently needs to take out 2.30 with authority they likely need cash soon > potential day trade opp on break out with volume
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Today's Economic Calendar
8:30 Non-farm payrolls
1:00 PM Baker-Hughes Rig Count
1:30 PM Jerome Powell: U.S. Economic Outlook
3:00 PM Consumer Credit
4:00 PM Fed's Williams: Economic Outlook
10:30 on Saturday Fed's Evans: Monetary Policy
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